ACSRF - Super and Pension Calculator

... loading calculator please wait ...


Super and Pension calculator

Our 'Super and Pension calculator' helps you to determine what your targeted superannuation savings needs to be (in today's dollars) to support a certain level of continuing allocated pension income in retirement, and whether your current balance and contributions are on track to meet this target. You are also able to adjust your personal contribution amount and your expected investment return to see what impact this might have on reaching your target.

This calculator generates factual information about superannuation. It does not constitute a recommendation or statement of opinion about superannuation and is not intended to be relied upon for the purpose of making a decision in relation to a financial product.

For personal financial advice about superannuation you should consult your financial planner.

The calculator is based on a series of assumptions. These assumptions and your results are not guaranteed. You should check the assumptions used in this calculator as they may not be appropriate to your personal circumstances.

How to use this calculator
1.	Enter personal and financial details in 'Step 1 - Enter details'.
2.	Go to 'Step 2 - Results' to see a graph displaying the amount of retirement savings. You can also alter the amounts to see how this will change the results.
3.	Go to 'Step 3 - Summary' for a summary of the final results.
4.	Go to 'Step 4 - Next steps' for what to do next and related calculators.


Assumptions

1.	The calculations are a general illustration of an allocated pension.
2.	Gross salary is increased with a default inflation rate of 3.75% p.a. This is the average salary increase, over the 5 year period to May 2007, of a Qld teacher on the 'band 3 step 4' salary level. You may change the default rate to see the effect that this may have.
3.	The default CPI rate used is 2.5%. This rate has been based on historical and expected future rates and is the mid-point of the RBA target range for inflation. The actual rate of inflation may differ significantly from this assumption.
4.	Investment earnings (net of tax) are credited to your account balance at the nominated investment return. The default rate is 7% p.a. for the pre-retirement balances and 8% p.a. for the post-retirement balances. This is based on long term historical data and is consistent with recommendations of the Institute of Actuaries of Australia's discussion paper 'Outstanding issues for benefit projections and online calculators' (April 2008). You may specify a rate of investment return different from the default rate. The actual rate of return for your investments may differ significantly from this assumption. The calculator allows you to choose a rate of investment return with a range from 3% lower than the default rate to 2% higher than the default rate.
5.	Super contributions are assumed to increase inline with gross salary each year.
6.	Pre-tax and post-tax contributions are limited to 100% of Gross salary for super purposes.
7.	Employer contributions are assumed to be not be less than the minimum amount you are entitled to under Superannuation Guarantee Legislation and are subject to 15% contributions tax. No allowance has been made for the maximum Superannuation Contribution base ($40,170 per quarter for the 09/10 financial year).
8.	The 'Target benefit' is determined by the amount entered in required pension income in retirement.
9.	No allowance has been made for taxes (including taxation that applies to the payment of superannuation and retirement income benefits) with the exception of contributions tax. If any of these other taxes apply, the calculator's results will not give a true reflection of the longevity of your own resources in retirement.
10.	No allowance has been made for government benefits (such as the age pension) or other income sources with the exception of the government co-contribution. If any of these other income sources apply, the calculator's results will not give a true reflection of the longevity of your own resources in retirement.
11.	Co-contribution has been included in the calculation. This has been based on the Gross salary for super purposes less any nominated salary sacrifice contributions and after tax contributions that have been entered into the calculator. The Co-contribution rate is current from 1 July 2009.
12.	The co-contribution lower income limit for the purposes of the projection is increased with a default salary inflation rate of 3.75% p.a. This is the average salary increase, over the 5 year period to May 2007, of a Qld teacher on the 'band 3 step 4' salary level. You may change the default rate to see the effect that this may have.
13.	It is assumed that the Government co-contribution for the after tax contributions made during the relevant year is paid at the end of that year.
14.	The default life expectancy is based on Australian Life Tables for year 2000-02.
15.	The calculation caters only for employees of accumulation style funds. No allowance has been made for members of defined benefit funds. If you are a member of a defined benefit fund you should contact a financial adviser for advice on your circumstances.
16.	Interest is calculated and compounded, and yearly income is received, at 1st July each year.
17.	The calculator assumes that the date set on your computer is correct. Projections are started from this date, and your age is also assumed to be at this date.
18.	The interrupted career assumes that you stop working and re-commence working on the 1st July immediately after the ages that you have entered therefore you stop work for the full financial year(s).
19.	Total superannuation benefits are assumed to be paid as an allocated pension.
20.	The results displayed by this calculator are in today's dollars not in future dollars.
21.	The required income is indexed to inflation.
22.	These calculations make no allowance for the effect of a reversionary pensioner.
23.	These calculations make no allowance for any entry fees, service fees, administration fees or switching fees deducted from your allocated pension account.
24.	These calculations make no allowance for any income payment fees deducted from your allocated pension account.
25.	The minimum pension factors table is current as at July 2009. No allowance has been made for the temporary reduction of the compulsory minimum pension (drawdown) level for account based pensions.
26.	Concessional (pre-tax including SGC) contributions are capped at a maximum of $25,000 (indexed) in the projection of the account balance if you are under 50, $50,000 if you are 50 or over (until 30 June 2012) and are subject to contributions tax of 15%.
27.	Post-tax contributions are capped at a maximum of 6 times the maximum concessional contributions limit in the projection of the account balance.
28.	The concessional contributions cap is indexed in $5,000 increments if you are under age 50.
29.	Transitional contribution caps apply to this calculator.
30.	Superannuation Guarantee contributions cease at age 70.
31.	You are fully retired at nominated retirement age. There is no allowance for transitional retirement.
32.	You are under age 70.
33.	No allowance has been made for spouse contributions.

If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.

... loading calculator please wait ...

Super and Pension calculator

How to use this calculator

Assumptions

Disclaimer